China banks told to report suspected terror funds, Reuters says

China’s central bank has told financial institutions that they have an obligation to report transactions and accounts suspected of links to terror activities, Reuters reported Friday, citing the government website. The People’s Bank of China said all financial institutions must report to the central bank if they have reasonable suspicion that customers or transactions have anything to do with terrorism. Assets of people named on government lists as belonging to terror groups or involved in terror activities should be frozen and all transactions monitored, the report said. The new policy is intended to make asset freezes and seizures uniform across the board, the report said. Banks are forbidden to tip off customers about any potential action on their accounts and all transactions must be kept strictly confidential.

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